If you want to buy a home with the most benefits possible, you should go to Canada.  But if not, you can look around in your own country and state for programs offered by the government to make home buying easier and more affordable for you.

For instance, in Canada (yet again), home buyers can purchase their home with as little as 5% down.  Before, only first time home buyers were qualified to receive the discount, but now everyone—first time buyers and repeat buyers—can take advantage of this provided that they meet the criteria of the program.

All mortgages that are above 80% of the purchase price must be insured with mortgage insurance under The Bank Act (CMHC or GE Capital insurance). The premium for having a down payment that is between 5% and less than 10% is only 2.9% of the purchase price (reduced from 3.25% earlier in 2005). All of the above programs have credit score and debt servicing requirements that are carefully reviewed. In some cases, there are programs that allow for a 95% mortgage and the balance of the down payment borrowed from another source. This has a slightly higher premium and is only available in certain cases.  Please note that this insurance premium can be added to the mortgage.

Because of this program, more and more people get to own a home for the least amount of down payment as possible.  This program has arguably been the most successful program leading to making home ownership easier.  Recently the maximum purchase price has also recently become unlimited for those who have 5% down or more from their own resources.